However, with Crude starting to come down we may see some buying interest coming back to these stocks.
Rupee is also at one of the lowest levels against Dollar, so a bounce back there may further help cut Oil Marketing Companies’ Losses.
I can see the price making a lower bottom here with rising showing a positive Divergence.
Good opportunity to buy HPCL NSE:HINDPETRO with a small stop loss for a first target around 327 levels.
Similar structure can be observed for other stocks like BPCL and IOC .
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.